Known best for the aforementioned titles, Team Ico's current project, the hotly anticipated The Last Guardian, has seen several unexpected delays and remains without a solid release date. If this rumour is accurate, then Fumito Ueda's decision to leave the team is cited as one of the numerous reasons behind stalling development.
According to the rumour Ueda has expressed full intent of staying on the The Last Guardian project, working alongside Team Ico, to see the game to completion, working under a freelance contract. Once completed, whenever that may be, it appears Ueda intends to branch out into more personal projects, no longer bound to any particular publisher or studio.
As always with these sorts of things, Sony has refused to comment on the rumour, though we'll likely know more about Ueda's position at Team Ico and relationship with Sony in the very near future.

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